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Overall

HotForex is a MetaTrader-only broker offering market-maker execution across a mixed account offering where commissions, spreads and margin rates vary considerably.

Steven Hatzakis | July 11th, 2019

help 68
Trust Score
Dislikes
  • Cryptocurrency CFDs limited to weekdays
  • Mixed pricing across account types
  • Small range of markets for a multi-asset broker
  • No weekend trading for Crypto CFDs

Review Sections:

Please Note: HotForex was not included in the 2019 annual review. As a result, this broker's ratings may be outdated. Read our Best Forex Brokers 2019 guide for a look at the top rated forex and CFDs brokers.

Founded in 2010, HotForex operates as a unified brand of the HF Markets Group, and maintains a regulatory status in Europe via Cyprus under its HF Markets (Europe) Ltd entity. It is also represented in several emerging regulatory hubs such as South Africa, Seychelles, Mauritius, St. Vincent and The Grenadines.

HotForex is a MetaTrader-only broker, offering the popular MetaTrader4(MT4) platform developed by Metaquotes Software Corporation. The company offers nearly 150 instruments, including CFDs, forex, shares, bonds, commodities, indices and cryptocurrencies.

Is HotForex Safe?

HotForex is considered high-risk, with an overall Trust Score of 68 out of 99. HotForex is not publicly traded and does not operate a bank. HotForex is authorised by zero tier-1 regulators (high trust), two tier-2 regulators (average trust), and two tier-3 regulators (low trust). Learn more about Trust Score.

Regulations Comparison

FeatureHotForexIGSaxo BankCMC Markets
Year Founded2010197419921989
Publicly Traded (Listed) No Yes No Yes
Bank No Yes Yes No
Tier-1 Licenses0664
Tier-2 Licenses2412
Tier-3 Licenses2000
Trust Score68999898

Offering of Investments

The following table summarizes the different investment products available to HotForex clients.

FeatureHotForexIGSaxo BankCMC Markets
Forex: Spot Trading Yes Yes Yes Yes
Currency Pairs (Total Forex pairs)5191182183
CFDs - Total Offered9715000329999959
Cryptocurrency traded as actual No No No No
Cryptocurrency traded as CFD Yes Yes No Yes
Offering of Investments 3 Stars 4.5 Stars 4.5 Stars 4 Stars

Commissions & Fees

HotForex offers seven account types, ranging from Micro to VIP, as well as accounts with fixed spreads, and two accounts dedicated to copytrading.

On the Zero account, spreads are lower but margin requirements are twice as high as the Premium account, where spreads are 1 pip.

The minimum deposit for HotForex’s VIP account is $20,000 and provides variable spreads as low as zero pips, yet has higher margin rates compared to the Fixed, Micro and Premium accounts.

We’d like to see an average spread published for a given period as it is hard to quantify a zero spread that is variable. However, the broker does list typical spreads for its other related account offerings, as seen in the snapshot below:

HotForex typical spreads

Overall, HotForex offers multiple choices depending on traders’ needs, with the Zero or Fixed accounts appearing to be the most popular.

FeatureHotForexIGSaxo BankCMC Markets
Minimum Initial Deposit$50£250.00$2,000.00$0.00
Average Spread EUR/USD - StandardN/A0.7500.9000.744
All-in Cost EUR/USD - ActiveN/A0.3630.6000.744
Active Trader or VIP Discounts No Yes Yes Yes
Commissions & Fees 4 Stars 4.5 Stars 4.5 Stars 5 Stars

Research

HotForex provides research resources that include analysis and trading tools incorporating in-house solutions and content from third-party providers. Forex News is provided by FxStreet, and trading signals generated by automated pattern recognition are available from Autochartist.

The AutoChartist tools at HotForex include volatility analysis, performance statistics and trading opportunities AutoChartist generates by analysing market data.

HotForex also has Premium Trading Tools, which is a suite of add-ons for MT4, developed by FX Blue Labs.

HotForex research

FeatureHotForexIGSaxo BankCMC Markets
Daily Market Commentary Yes Yes Yes Yes
Forex News (Top-Tier Sources) Yes Yes Yes Yes
Weekly Webinars No Yes Yes Yes
AutoChartist Yes Yes Yes No
Trading Central (Recognia) No No No Yes
Delkos Research No No No No
Social Trading / Copy-Trading Yes Yes Yes Yes
Social Sentiment - Currency Pairs No Yes Yes Yes
Economic Calendar Yes Yes Yes Yes
Research 3.5 Stars 4.5 Stars 4.5 Stars 4.5 Stars

Platforms & Tools

Overall, HotForex has done well by enhancing its MT4 user experience with multiple account offerings and research tools, as well as accounts dedicated to the use of the MQL4 signals community.

HotForex is a MetaTrader broker, which means traders can choose from the suite of popular retail trading platforms for which MetaQuotes Software Corp is known. At HotForex, this includes the MetaTrader4 (MT4) platform for desktop and web. The desktop version supports automated trading systems known as Experts. To learn more about MT4, read our MetaTrader guide.

MetaTrader4 Desktop Forex Brokers

While MetaTrader4 comes standard, and there appears to be little difference in its use from broker to broker, there can be significant differences in how the platform is set up in relation to pricing, execution method and other administrative areas that can affect your trading experience.

As a MetaTrader broker, HotForex stands out with its range of account offerings, and its suite of Premium Trader Tools developed by FX Blue Labs.

Overall, HotForex has done well by enhancing its MT4 user experience with multiple account offerings and research tools, as well as accounts dedicated to the use of the MQL4 signals community.

FeatureHotForexIGSaxo BankCMC Markets
Virtual Trading (Demo) Yes Yes Yes Yes
Proprietary Platform No Yes Yes Yes
Desktop Platform (Windows) Yes Yes Yes Yes
Web Platform No Yes Yes Yes
Social Trading / Copy-Trading Yes Yes Yes Yes
MetaTrader 4 (MT4) Yes Yes No Yes
MetaTrader 5 (MT5) No No No No
cTrader No No No No
Charting - Indicators / Studies (Total)51224781
Charting - Drawing Tools (Total)31171724
Charting - Trade From Chart Yes Yes Yes Yes
Watchlists - Total Fields712128
Order Type - Trailing Stop Yes Yes Yes Yes
Platform & Tools 3 Stars 4.5 Stars 4.5 Stars 4.5 Stars

Mobile Trading

Depending on the account type you open at HotForex, MT4 comes standard on Android and iOS and is available straight from MetaQuotes Software Corporation on Apple’s app store and the Google Play Store.

Metatrader4 mobile watchlist

Like the rest of its products, HotForex’s mobile app are from the same developer. That said, scoring for this category matches that of other MetaTrader-only brokers.

FeatureHotForexIGSaxo BankCMC Markets
Android App Yes Yes Yes Yes
Apple iOS App Yes Yes Yes Yes
Trading - Forex Yes Yes Yes Yes
Trading - CFDs Yes Yes Yes Yes
Alerts - Basic Fields Yes Yes Yes Yes
Watch List Yes Yes Yes Yes
Watch List Syncing No Yes Yes Yes
Charting - Indicators / Studies30264123
Charting - Draw Trend Lines Yes Yes Yes Yes
Charting - Trend Lines Moveable No Yes Yes Yes
Charting - Multiple Time Frames Yes Yes Yes Yes
Charting - Drawings Autosave No Yes Yes Yes
Forex Calendar No Yes Yes Yes
Mobile Trading 3 Stars 4 Stars 4.5 Stars 4 Stars

Other Notes

HotForex serves professional clients in the EU who meet at least two of the qualifying criteria. These include at least 10 significantly sized transactions per quarter over the past 12 months, a portfolio of more than €500,000, and/or at least one year of professional experience in the financial sector.

Final Thoughts

HotForex is suitable for traders looking for an MT4 broker that offers a variety of account options and available asset classes, as well as several in-house and third-party research tools. In addition to EU regulation, HotForex caters to clients from its entities in offshore and emerging regulatory hubs, helping to differentiate itself from other CySEC-only brokers regulated in Cyprus, while its range of markets for a multi-asset brokers remains low. In addition, we'd like to see the broker publish its average spreads across all its account types to help make an equal comparison between its various pricing offers.

Methodology

For our 2018 Forex Broker Review we assessed, rated, and ranked 43 international forex brokers. Each FX broker was graded on 140 variables. Learn more.

Forex Risk Disclaimer

"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.


Steven Hatzakis

About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

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Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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